Los Angeles City Employees Retirement System committed up to $25 million to buyout fund Platinum Equity Capital Partners III, according to a notice by the $10.6 billion pension fund's private equity consultant, Hamilton Lane.
Platinum Equity Capital Partners III has a $4 billion “hard cap,” or maximum on capital commitments. The general partner is expected to commit $200 million.
Hamilton Lane and staff have discretion without board approval to commit up to $25 million in funds of firms that are new relationships and up to $40 million to firms with which the pension fund has an existing relationship.
Separately, staff and general investment consultant, Wilshire Associates, named AEGON, Franklin Templeton Investments, Guggenheim Partners Investment Management, Logan Circle Partners and Loomis Sayles as finalists in the pension fund's search for two managers to each run $138 million in active domestic high-yield fixed income.
An RFP was issued June 11; the high-yield bond allocation is part of the pension fund's new 5% credit opportunities asset class.